Mmh, to own or to rent? Which one is best? Well, there has been a long ongoing discussion between these two home ownerships, and while it’s hard to accurately say which side is winning, looking at renters insurance and homeowners insurance will probably give some insight.

First of all, the best home insurance companies in Texas will tell you that both renters and home insurance give policyholders financial protection against damage to property, medical payments, and legal liability costs.

The difference between the two lies in how much they cover when it comes to damaged property.

At the All Texas Insurance Brokers, we deal with all sorts of insurance policies and can be of great help, if you are looking for either of the above.


Renters Insurance Vs. Home Insurance

The main difference between these two types of policies is that homeowners insurance includes dwelling coverage, but renters insurance does not.

House insurance is for people who own their home or apartment. It covers the structure of the home as well as their personal belongings.

On the other hand, renters insurance is for tenants who rent an apartment or home. It covers their personal property but not the damage to the building.

The policies are the same in all other ways, so you don’t need both to cover your property.

Homeowners Insurance

Homeowners’ insurance covers five main things:

  • Personal property,
  • Dwellings,
  • Medical payments,
  • Any additional living expenses, and
  • Personal liability.

Dwelling refers to the structure of a home, and the coverage covers physical damage to any part of the structure, such as the roofs, walls, floors, or doors.

House insurance takes care of damages that have occurred to your home due to an unexpected event. Some common events include fire, wind, hail, and lightning.

There are a few events that are normally excluded from dwelling coverage. These include floods, earthquakes, and war.

Renters Insurance

Renters insurance is a form of cheaper home insurance for tenants. The policy covers all the same things homeowners insurance does except for dwelling.

This is because tenants are in no way responsible for damage incurred on the building that was out of their control.

The personal property coverage shared in both policies covers damage or theft of their personal property. This can be anything from your devices to your furniture and clothes.

For renters insurance, personal property coverage is the biggest contributor to the policy’s price. Policyholders should select personal property cover carefully.


What Is The Difference In Terms Of Rates?

Renters insurance is cheaper than homeowners insurance since homeowners insurance covers the structure of the house.

The average annual cost of home insurance is approximately $1,083, while the renters’ insurance policy is approximately $187. A huge difference!

This is because the house is more susceptible to damage and costs more to repair than to replace personal property.


Which Policy Should I Choose?

If you own property or a home, it’s best to go for house insurance from some of the best home insurance companies in Texas. You should be able to get compensated for damages that have occurred to your building due to things that were out of your control.

House insurance, unlike renters insurance, covers the cost of repairing a part of the home.


Contact Us!

If you are a homeowner and are looking for insurance, All Texas Insurance Brokers is one of the best insurance companies in Texas.

Contact us today and we will help you find the perfect policy based on your budget and needs.

We offer the following services:

We have helped thousands of clients find the right insurance for their properties. We shall be happy to work with you too.